Genting Singapore Q2 profit climbs 24%

Gaming stalwart Genting Singapore reported a 24 per cent rise year-on-year in net profit to S$177.62 million for the second quarter ended 30 June, lifted partly by other operating income and savings from having redeemed its S$2.3 billion 5.125 per cet perpetual subordinated capital securities.

Revenue slid 6 per cent to S$560.3 million while earnings per share clocked 1.47 Singapore cents, up from 1.19 cents a year ago.

Gaming revenue at integrated resort Resorts World Sentosa fell 8 per cent to S$406.15 million, while non-gaming revenue edged up one per cent to S$153.53 million.

During the quarter, other operating income clocked around S$35.1 million, up 67 per cent from a year ago.

Resorts World Sentosa's attractions performed well during the second quarter with average visitation exceeding 18,000 daily, the group highlighted.

"Hotels continued to outperform industry with average occupancy of over 91 per cent for the quarter," it added. "In the gaming segment, our VIP rolling volume showed encouraging year-on-year growth, but luck factor was not in our favour."

For the six-month period, net profit was also up 3 per cent at S$394.81 million, while revenue increased 4 per cent to nearly S$1.24 billion.

Genting Singapore has proposed an interim dividend of 1.5 Singapore cents per share, payable on Sept 20.

In a separate announcement, Genting Singapore said that its independent, non-executive director Tjong Yik Min will be appointed as lead independent director, taking over from Koh Seow Chuan, with immediate effect. Mr Koh, who had served as lead independent director since Nov 4, 2013, will remain an independent non-executive director, as well as chairman of the nominating committee and a member of the audit and risk committee. Mr Tjong has also been appointed a member of the nominating committee.